898
THE NEW ZEALAND GAZETTE.
[No. 28

Varying the Determinations in respect of the Thames Valley
Electric-power Board's Loans of £20,000 and £10,000.

GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government House at Wellington, this 31st day
of March, 1938.

Present:
HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.

WHEREAS by Orders in Council made on the tenth day
of June, one thousand nine hundred and thirty-
seven, and the eighth day of September, one thousand nine
hundred and thirty-seven, and subject to the determinations
as to borrowing and repayment therein set out, consents
were given to the raising in New Zealand by the Thames
Valley Electric-power Board (hereinafter called “the said
local authority”) of sums of twenty thousand pounds
(£20,000) and ten thousand pounds (£10,000) respectively
(hereinafter called “the said loans”), being portions of the
“Electricity Loan, 1936,” of £75,000:

And whereas the authorities conferred by the said Orders
in Council have not yet been exercised: And whereas the
said local authority is desirous of raising the said loans as
one sum of thirty thousand pounds (£30,000) (hereinafter
called “the said sum”), and it is expedient to vary certain
of the determinations aforesaid in respect of the said sum:

Now, therefore, His Excellency the Governor-General of
the Dominion of New Zealand, acting by and with the advice
and consent of the Executive Council of the said Dominion,
and in pursuance and exercise of the powers and authorities
conferred on him by section eleven of the Local Government
Loans Board Act, 1926, as set out in section twenty-nine of
the Finance Act, 1932 (No. 2), and of all other powers and
authorities enabling him in this behalf, doth hereby vary
certain of the determinations aforesaid in respect of the
said sum by prescribing as follows:—

(1) In lieu of the terms of twenty-five (25) years specified
in clause one of the said respective Orders in Council the
term shall be ten (10) years.

(2) In lieu of repayment as specified in clause three of the
said respective Orders in Council the said sum shall be repaid
as follows:—

(a) By twenty equal payments of nine hundred and five
pounds four shillings and fourpence (£905 4s. 4d.),
one of such payments to be made at the end of
every half-year commencing from the date on which
the said sum is borrowed. Each such half-yearly
payment shall be applied firstly in payment of
interest computed at the rate of three pounds ten
shillings (£3 10s.) per centum per annum on the
amount of the principal for the time being out-
standing at the beginning of each half-year, and
the balance of such half-yearly payment in reduction
of principal.

(b) By a payment at the end of the tenth year from the
date of the borrowing of the said sum of a sum
equal to the amount to which the said principal
has been reduced in accordance with the preceding
paragraph (a) hereof after payment of the aforesaid
twenty (20) half-yearly payments.

C. A. JEFFERY,
Clerk of the Executive Council.

(T. 49/535/3.)

Varying the Determinations in respect of Portion (£15,000)
of the Ashburton Electric-power Board's Loan of £50,000.

GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government House at Wellington, this 31st day
of March, 1938.

Present:
HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.

WHEREAS by Order in Council made on the thirty-first
day of March, one thousand nine hundred and
thirty-eight, and subject to the determinations as to borrow-
ing and repayment therein set out, consent was given to the
raising in New Zealand by the Ashburton Electric-power
Board (hereinafter called “the said local authority”) of the
sum of fifty thousand pounds (£50,000) by a loan to be
known as “Special Loan, 1938” (hereinafter called “the
said loan”):

And whereas the authority conferred by the said Order
in Council has not yet been exercised, and it is expedient
to vary certain of the determinations aforesaid in respect
of the sum of fifteen thousand pounds (£15,000) (hereinafter
called “the said sum”):

Now, therefore, His Excellency the Governor-General of
the Dominion of New Zealand, acting by and with the advice
and consent of the Executive Council of the said Dominion,
and in pursuance and exercise of the powers and authorities
conferred on him by section eleven of the Local Government
Loans Board Act, 1926, as set out in section twenty-nine of
the Finance Act, 1932 (No. 2), and of all other powers and
authorities enabling him in this behalf, doth hereby vary
certain of the determinations aforesaid in respect of the
said sum by prescribing that in lieu of a term of twenty-
five (25) years as specified in clause one of the said Order
in Council the term for which the said sum or any part thereof
may be raised shall not exceed ten (10) years.

C. A. JEFFERY,
Clerk of the Executive Council.

(T. 49/378/4.)

Varying the Determinations in respect of Portion (£10,000)
of the Franklin County Council's Loan of £30,000.

GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government House at Wellington, this 31st day
of March, 1938.

Present:
HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.

WHEREAS by Order in Council made on the fifteenth
day of December, one thousand nine hundred and
thirty-seven, and subject to the determinations as to borrowing
and repayment therein set out, consent was given to the
raising in New Zealand by the Franklin County Council
(hereinafter called “the said local authority”) of the sum of
thirty thousand pounds (£30,000), being portion of the
“Roads and Bridges Loan, 1937,” of £100,000:

And whereas the authority conferred by the said Order in
Council has not yet been exercised, and it is expedient to
vary certain of the determinations aforesaid in respect of the
sum of ten thousand pounds (£10,000) (hereinafter called
“the said sum”):

Now, therefore, His Excellency the Governor-General of
the Dominion of New Zealand, acting by and with the advice
and consent of the Executive Council of the said Dominion,
and in pursuance and exercise of the powers and authorities
conferred on him by section eleven of the Local Government
Loans Board Act, 1926, as set out in section twenty-nine of
the Finance Act, 1932 (No. 2), and of all other powers and
authorities enabling him in this behalf, doth hereby vary
certain of the determinations aforesaid in respect of the
said sum by prescribing as follows:—

(1) In lieu of the term of twenty (20) years specified
in clause one of the said Order in Council, the term shall be
ten (10) years.

(2) In lieu of making provision for the repayment of
the said sum by establishing a sinking fund in respect thereof
in accordance with clause three of the said Order in Council
the said local authority shall repay the said sum as follows:—

(a) By twenty equal payments of three hundred and
forty-nine pounds fourteen shillings and fivepence
(£349 14s. 5d.), one of such payments to be made at
the end of every half-year commencing from the date
on which the said sum is borrowed. Each
such half-yearly payment shall be applied firstly
in payment of interest computed at the rate of
three pounds ten shillings (£3 10s.) per centum per
annum on the amount of the principal for the time
being outstanding at the beginning of each half-
year, and the balance of such half-yearly payment
in reduction of principal.

(b) By a payment at the end of the tenth year from the
date of the borrowing of the said sum of a sum
equal to the amount to which the said principal
has been reduced in accordance with the preceding
paragraph (a) hereof after payment of the aforesaid
twenty (20) half-yearly payments.

C. A. JEFFERY,
Clerk of the Executive Council.

(T. 49/192/40.)